Hong Hou: Veritas Capital to Buy EMCORE’s Space Solar Cells Portfolio

acquisitionEMCORE (NASDAQ: EMKR) has agreed to sell its space photovoltaic systems unit to Veritas Capital for $150 million cash.

The companies expect to complete the sale later this year or early next year, pending regulatory clearance and approval by EMCORE shareholders, EMCORE said Wednesday.

“EMCORE’s board of directors and management team believe this transaction will benefit our satellite customers while providing considerable value to our shareholders, ” President and CEO Hong Hou said.

The Albuquerque, New Mexico-based solar cells business builds multijunction photovoltaic devices and coverglass interconnected cell assemblies for space and terrestrial power applications.

The business posted $70.5 million in revenue during its 2013 fiscal year.

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